This volume provides a coherent analysis of the economic, monetary and political aspects of growth dynamics in the Euro area. The different relevant aspects in this debate, presented and discussed by leading scholars and representatives of international organizations, include an assessment of the newest theoretical growth models for open economies, and empirical investigation of:
* the growth divergence between the US and Europe
* the extent to which fiscal co-ordination is desirable in a monetary union
* the role of product and labor market reforms
* the complex relationships between exchange rates and growth
* the contribution of monetary policy to economic growth and
* the prospects for economic growth in monetary unions.
Although primarily focused on the Euro area, the analysis is equally relevant to all other common currency areas and will be welcomed by academics and students with an interest in European studies and financial economics, as well as policy and decision makers in international organisations, national institutions and central banks.
Edited by Jan Smets, Director, Research Department and Michel Dombrecht, National Bank of Belgium
Contents: Foreword by Guy Quaden Introduction 1. Growth in an Open Economy 2. Knowledge, Technology and Economic Growth 3. Fiscal Policy and Growth in the Context of European Integration 4. Economic Growth and the Labour Markets 5. The Role of Exchange Rate in Economic Growth 6. The Contribution of Monetary Policy 7. Monetary Union and Economic Growth Index